Norwegian oil company Statoil and its partners have decided to proceed with the second phase of their Johan Sverdrup oil project in the Norwegian North Sea. The plan for development and operation (PDO) will be submitted in the second half of 2018 to start production in 2022. Consequently, FEED contracts will be awarded to Aker Solutions, Kværner and Siemens.
The Johan Sverdrup oil field will be developed in several phases. The development of phase-1 has an expected production capacity in the range of 315,000 - 380,000 bbl/d (113 - 137 Mboe/y) with first oil planned to be produced for late 2019. The second phase is scheduled for 2022. It includes the development of the Avaldsnes (east), Kvitsøy (south) and Geitungen (north) satellite areas to be phased in for processing and export on the field centre. 28 new wells are planned to be drilled in connection with the Phase 2 development. Peak production is estimated at 550,000 - 660,000 bbl/d (200 - 237 Mboe/yr). Statoil and its partners aim at a recovery rate of 70%.
The capital expenditures for Phase-2 are estimated at NOK 40-55bn (NOK billion nominal, fixed currency and excluding IOR), i.e. €4.4-6bn, which is half of the NOK 117bn (€13bn) planned for the Phase-1. The total recoverable resources are projected at between 2-3 Gboe.
Statoil, holds 40.03% of the project, Lundin Norway 22.12%, Petoro 17.84%, Det norske oljeselskap 11.89% and Maersk Oil 8.12%.